Airtel information $549m international change loss on naira devaluation

Airtel Africa Plc recorded a loss after tax of $89 million for its full 12 months ended March 2024 due to a $549 million international change loss brought on by the devaluations of the naira in June 2024 and the Malawian kwacha in November 2023.

“Loss aftertax of $89m in the course of the 12 months ended 31 March 2024 was primarily impacted by the $549m internet of tax affect of the distinctive spinoff and international change losses,” it highlighted.

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In its full 12 months report launched on Thursday, the telco mentioned its reported Income declined by 5.3 % to $4.98 billion primarily because of the naira’s devaluation.

It, nevertheless, famous that its income in fixed foreign money grew by 20.9 % with development accelerating to 23.1 % in its fourth quarter.

“Nigerian fixed foreign money income development accelerated to 34.2 % in This autumn’24 regardless of the difficult backdrop,” it mentioned.